Utmost: Doing the Most for the Extended Workforce
May 28, 2021 | Ashley Brindamour
Unlike traditional employee bases, the extended workforce combines the work of independent contractors, outsourcing partners, vendors, strategic partners, freelancers, etc. According to Ardent Partners, 82% of businesses worldwide believe extended workforces have granted them proper workforce and staffing scalability throughout the COVID-19 pandemic.
Alumni Ventures portfolio company Utmost offers one of the first employee systems focused on the extended workforce. Founded by former senior executives of WorkDay — the human capital management software company with a $60 billion market cap — Utmost’s enterprise SaaS solution is designed to help businesses engage and manage their entire workforces adequately.
Click below to watch a video of our take on the deal.
Doing the (ut) Most
By 2030, an estimated 80% of the workforce will be contingent. Some of the many factors influencing the use of contingent labor for businesses include:
- Access to highly specialized skills
- Overall enhanced workforce
- Increased diversity
- Rapid scalability
With $3.3 trillion spent annually on non-employee work, the extended workforce is a large, growing, and strategic part of the global economy. Utmost’s software addresses this large market by offering better transparency, improved experience, immediate solutions for outside workers, and enhancing productivity while also ensuring compliance.
Large Market Opportunity
Utmost’s solution will soon replace out-of-date legacy systems by covering the universe of non-employee workers. Since current solutions are archaic, inferior, and don’t cover that entire universe, Utmost is on its way to becoming the leading company in this sector.
Utmost is addressing a large customer base of extended workers, hiring managers, HR partners, and staffing firms. The company provides both managers and extended workers an intuitive workflow to manage onboarding, offboarding, and the entire worker lifecycle. Today, Utmost has numerous customers, many of whom are part of the Fortune 1000, including Ecolab, NortonLifeLock, and Colonial Life.
How We Are Involved
Utmost recently raised a $21 million Series B round led by Mosaic Ventures. The investor syndicate also included Greylock Partners, Workday Ventures, and Acadian Ventures. Alumni Ventures’ participation was led by Triphammer Ventures (for the Cornell community). In addition, sibling fund Blue Ivy Ventures (for the Yale community) and the Alumni Ventures’ Syndicate also participated.